Study: APAC Financial Institutions Embrace AI/ML - Fintech Singapore

In Asia Pacific (APAC), adoption of artificial intelligence (AI) and machine learning (ML) in financial markets is accelerating. Though organizations in the Americas still lead in terms of AI/ML maturity and investment levels, those in APAC follow closely behind, according to a new research by Refinitiv, a leading provider of financial market data and infrastructure. Refinitiv, which surveyed more than 420 data scientists, quants, technology and data decision-makers, found that 69% of respondents in APAC view AI/ML as a core component of their business strategy, and 78% are making significant investment in AI/ML. COVID-19 is expected to further push adoption of AI/ML. According to the study, 31% of respondents in Asia said that AI/ML has become more important in their organization as a result of the pandemic, and 35% anticipate increased investment in AI/ML amid the public health crisis.